Arizona State Retirement System raised its stake in shares of QEP Resources Inc (NYSE:QEP) by 27.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 173,421 shares of the pipeline company’s stock after purchasing an additional 37,120 shares during the quarter. Arizona State Retirement System’s holdings in QEP Resources were worth $1,660,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in QEP. Kornitzer Capital Management Inc. KS acquired a new stake in QEP Resources during the fourth quarter valued at approximately $100,000. Savant Capital LLC bought a new position in shares of QEP Resources in the fourth quarter valued at approximately $108,000. Southport Management L.L.C. bought a new position in shares of QEP Resources in the third quarter valued at approximately $171,000. State of Alaska Department of Revenue bought a new position in shares of QEP Resources in the fourth quarter valued at approximately $178,000. Finally, Crossmark Global Holdings Inc. bought a new position in shares of QEP Resources in the third quarter valued at approximately $179,000. 94.34% of the stock is currently owned by institutional investors.

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QEP Resources Inc (NYSE:QEP) opened at $9.43 on Wednesday. The company has a quick ratio of 0.28, a current ratio of 0.29 and a debt-to-equity ratio of 0.57. QEP Resources Inc has a 1 year low of $7.02 and a 1 year high of $13.67. The firm has a market cap of $2,270.00, a P/E ratio of 8.57 and a beta of 1.70.

QEP Resources (NYSE:QEP) last posted its quarterly earnings data on Wednesday, February 28th. The pipeline company reported $1.13 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $1.20. QEP Resources had a net margin of 16.59% and a return on equity of 5.06%. The firm had revenue of $429.00 million during the quarter, compared to analysts’ expectations of $392.01 million. During the same quarter in the previous year, the company posted ($0.15) EPS. QEP Resources’s revenue was up 7.3% on a year-over-year basis. analysts expect that QEP Resources Inc will post -0.42 earnings per share for the current fiscal year.

QEP Resources declared that its board has authorized a stock repurchase program on Wednesday, February 28th that authorizes the company to repurchase $1.25 billion in shares. This repurchase authorization authorizes the pipeline company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, Director David A. Trice acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 8th. The stock was purchased at an average price of $9.00 per share, for a total transaction of $90,000.00. Following the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $450,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.36% of the company’s stock.

A number of research analysts have recently issued reports on the stock. ValuEngine cut shares of QEP Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, February 2nd. BMO Capital Markets set a $11.00 target price on shares of QEP Resources and gave the company a “buy” rating in a research note on Tuesday, November 14th. Zacks Investment Research upgraded shares of QEP Resources from a “hold” rating to a “buy” rating and set a $8.75 target price for the company in a research note on Tuesday, February 13th. B. Riley assumed coverage on shares of QEP Resources in a research note on Monday, February 5th. They issued a “neutral” rating and a $10.50 target price for the company. Finally, Mizuho upgraded shares of QEP Resources from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 21st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $12.87.

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About QEP Resources

QEP Resources, Inc is an independent crude oil and natural gas exploration and production company. The Company focuses on two regions of the United States: the Northern Region (primarily in North Dakota, Wyoming and Utah) and the Southern Region (primarily in Texas and Louisiana). The Company conducts exploration and production activities in North America’s hydrocarbon resource plays.

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